Woori Bank

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2008 annual report

Forces that move us

contents


06 Woori Bank in 110 Years 10 Financial Highlights 12 Message from the Ceo 16 Board of Directors operation review 20 Balancing uncertainty 26 inspiring Confidence 38 increasing Sustainability Financial review 50 Management’s Discussion & analysis 58 Financial Statements 140 organization Chart 142 Global network

Woori bank

the disruptions taking place in the financial industry are changing our outlook and revealing new opportunities in the global markets. Woori Bank has been a cornerstone of korea’s financial industry for 110 years. We have a deep understanding of the market, its risks and opportunities. even in times of uncertainty, we are equipped for sustainable growth.

Woor i Ba n k h as the cor e ca paBilities to create value For our sha reholders, customers, employ ees a nd the commu nities W e serv e.

Woori Way

04

Woori Way
Woori Bank was founded in 1899 as the first bank in Korea. We have served as a steadfast supporter of the nation’s development for 110 years, providing financial services to drive the creation of a modern industrial economy. Woori has been selected as “The Bank of the Year in South Korea” for the past two years by the prestigious financial journal “The Banker”, showcasing our leading role as the representative Korean bank in the global market. Underpinning our success is our home-grown vision, known as the “Woori Way”. The guiding principle for all our business activities, it stresses Customer, Challenge, Integrity and Professionalism as the keys to the Bank’s balanced growth and profitability. Following our vision, we will face and overcome the challenges posed by faltering economies at home and abroad, and be a force for recovery and revitalization. Woori Bank is a representative bank in Korea, and will be an iconic presence in the global market.

05

Forces that move us

Woori Bank 2008 annual report

challenge
woori’s power With creativity and innovation for high goals and performance, it is the volition of Woori people

customer

woori’s Goal With devotion and sympathy toward customers, it is Woori’s goal to be together with customers.

professionalism

integrity

woori’s Quality as a no.1 global expert, it is a basic quality of Woori people that develop talents with passion.

woori’s rule Based on trust and mutual respect, it is the constant attitude of Woori people that builds a sound financial order.

Woori Bank in 110 years

06

Innovation, Excellence, Teamwork and Integrity. Since our establishment in 1899, Woori Bank has remained committed to its core values. We are celebrating our 110th anniversary as a bank that is growing into one of Asia’s leading financial institutions. We reached this point guided by our values and based on our commitment to transparency and integrity. Woori Bank is confidently looking ahead to the next hundred years.

The Legacy begins

1890s~1990s
• 1968. 11.11 First overseas branch of a korean commercial bank opened in tokyo • 1977. 09.15 First online commercial banking transactions offered between seoul and Busan • 1999. 01. 04 commercial Bank of korea and hanil Bank merged to form hanvit Bank

Leading The Way

2000~2005

• 1899. 01. 30 establishment of Daehancheonil Bank (name changed to commercial Bank of korea) • 1932. 12.16 establishment of chosun trust co., ltd. (name changed to hanil Bank) • 1956. 03. 03 First bank stock to be listed on the korea exchange

• 2001. 12. 31 merged with peace Bank • 2002. 05. 20 name changed to Woori Bank • 2003. 07. 25 merged Woori merchant Bank • 2003. 09.11 acquired pan asia Bank of the u.s. • 2004. 07. 20 Woori Bank museum opened

07

Forces that move us

Woori Bank 2008 annual report

• 2008.10. 08 Woori call center received “ministry of knowledge economy award” (the 1st ministry of knowledge economy reward-call center service) * • 2008. 11. 21 received “the u-Banking service granted by the...
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